Portfolio Details as of 05/29/2015

Total Net Assets
$2.08 B
Number of Holdings
Weighted Average Market Cap.
85.1 B
P/B Ratio
Portfolio Turnover Ratio as of 11/28/2014
P/E Ratio

Portfolio Positioning as of 03/31/2015

  • Lowe’s Companies, Inc., a home improvement retailer, is the portfolio’s largest overweight position, relative to its benchmark, the S&P 900 10-Year Dividend Growth Index, as of March 31, 2015. Our view is that better service levels and merchandising will likely lead to improved margins and profit expansion that are not currently reflected in the stock price.
  • The portfolio is also overweight, relative to its benchmark, in Chevron Corp., an integrated energy company. We do not believe that investors appreciate how well positioned the company is to benefit from the North American onshore oil and gas renaissance.
  • 3M Co., a diversified technology company, is another overweight position, relative to the portfolio’s benchmark.  We believe price increases will outpace raw material costs, leading to improved margins. We also believe there will be additional tailwinds from disciplined merger and acquisition activity.

Sector Allocationas of 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Discretionary arrowDown0.1%
Health Care arrowDown0.1%
Financials arrowUp0.2%
Information Technology arrowUp0.3%
Telecommunication Services arrowUp0.1%
Energy arrowDown0.1%
Utilities arrowUp0.1%
Consumer Staples arrowDown0.2%
Industrials arrowDown0.1%
Materials 0.0%

Attribution Analysis 

Calibrated Dividend Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Lowe's Cos, Inc. 0.3%
Walgreen Co. 0.3%
Cardinal Health, Inc. 0.2%
Medtronic, Inc. 0.2%
Hasbro, Inc. 0.2%

Weakest Performers

Holding Contribution
AbbVie, Inc. -0.3%
Caterpillar, Inc. -0.2%
Chevron Corp. -0.2%
QUALCOMM, Inc. -0.2%
Intel Corp. -0.2%
Fund Dividends & Cap Gains next tab

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